Archived News
In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally
invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.
VISIT NEW SITEMyFiziq continues to ink agreements with high profile fitness groups
2 minute read
MyFiziq Limited (ASX: MYQ) has signed definitive agreements with MVMNT Inc. (MVMNT), the digital delivery arm of FitLab LLC.
As MyFiziq’s flagship technology will be integrated into MVMNT’s core mobile technology platform, its solution will be made available to all subscribers within MVMNT’s branded digital training experiences.
Of course, this builds on numerous other collaborative agreements negotiated by MyFiziq in 2020, including the game changing agreement with Nexus-Vita Pte Ltd, a Singapore-based health monitoring and management technology group.
The positive impact these have had is reflected in the company’s share price which has increased ten-fold in the last six months.
The first MVMNT partners to integrate MyFiziq’s technology include Floyd Mayweather Boxing and Fitness, McGregor Fast by Conor McGregor and Fitocracy.
With a current combined Instagram reach of over 50 million people globally between Floyd Mayweather and Conor McGregor, MVMNT is confident in the potential of its digital training offerings and the additional value that will be brought to fitness consumers by the integration of the MyFiziq technology.
The contracts that are the subject of definitive agreements include a commercial contract, a data processing agreement, a Software Development Kit End User License Agreement and a support agreement.
For more about MYQ read: NASDAQ Listing a Step Closer as MYQ Secures $5M to Forge Forward
MyFiziq to receive fee-based income
The MYQ Commercial Contract is the main commercial agreement between the parties which includes the grant of a licence to MVMNT to use MYQ’s licensed software development kits and related intellectual property to integrate them into the MVMNT platform/technology.
In return, MVMNT has agreed to pay certain user fees, data storage fees, and support fees to MYQ.
While MYQ does not expect any immediate material financial return as a result of entering into these agreements, management expects to start generating licence and other fees from the commercial arrangement in the future.
The initial term of the contract is for two years with the option to renew for 12 month periods in future years.
Under the terms of the Definitive Agreements, MyFiziq will be paid the following volume-based pricing.
Where new opportunities arise, separate additional commercial contracts shall be created with specific terms, including pricing terms as mutually agreed by both parties.
Initial target user numbers under the agreements indicate that MyFiziq could generate material revenues from this collaboration.
Targetted monthly user numbers for Fitocracy (500,000), Mayweather Boxing & Fitness (410,000) and McGregor F.A.S.T (250,000) equate to a combined monthly rate of 1.16 million active users.
Latest articles on Advanced Human Imaging LTD
More Commentary
FYI establishes ties with independent ESG reporting platform
01-07-2021
Australian Government Awards FYI National Project Status
29-06-2021
AHI and Nexus-Vita to fast track integration
22-06-2021
Oneview signs long-term contract with a second Victorian hospital
18-06-2021S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain.